Koppers Holdings Inc. (NYSE:KOP) Q4 2019 Earnings Conference Call - Final Transcript

Feb 27, 2020 • 11:00 am ET


Koppers Holdings Inc. (NYSE:KOP) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen. Thank you for standing by. Welcome to Koppers' Fourth Quarter 2019 Earnings Conference Call. [Operator Instruction] Following the presentation instructions will be given for the Q&A session. [Operator Instructions]

I will now turn the call over to Quynh McGuire. Please go ahead.

Quynh T. McGuire

Thank you and good morning. I am Quynh McGuire Vice President of Investor Relations. Welcome to our Fourth Quarter and Full year 2019 Earnings Conference Call. We issued our quarterly earnings press release earlier today. You may access this announcement via our website at www.Koppers.com. As indicated in our earnings release this morning we've also posted materials to the Investor Relations page of our website that will be referenced in today's call. Consistent with our practice in prior quarterly conference calls this is being broadcast live on our website and a recording of this call will be available on our site for replay through March 31 2020. Before we get started I would like to direct your attention to our forward-looking disclosure statement.

Certain comments made on this conference call may be characterized as forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of assumptions risks and uncertainties including risks described in the cautionary statement included in our press release and in the company's filings with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included in the company's comments you should not regard the inclusion of such information as a representation that its objectives plans and projected results will be achieved.

The company's actual results performance or achievements may differ materially from those expressed in or implied by such forward-looking statements. The company assumes no obligation to update any forward-looking statements made during this call. References may also be made today to certain non-GAAP financial measures. The company is provided with its press release which is available on our website reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. Joining me for our call today are Leroy Ball President and CEO of Koppers; and Mike Zugay Chief Financial Officer.

I'll now turn the call over to Leroy.

Leroy M. Ball

Thank you Quynh. Welcome everyone to our fourth quarter 2019 earnings call. I'd like to start today's call with an explanation on last week's announcement regarding the sale of our last remaining tar distillation facility in China. In that same announcement we also reported our preliminary results for the fourth quarter. Wince we do not give quarterly guidance only annual we do not buy policy pre-release results whether favorable or unfavorable to the consensus estimate. This policy extends to the fourth quarter. I realize it's created a unique situation given that with one quarter left and update of annual guidance by default provides quarterly guidance last week presented a special situation. We had reached agreement to sell our KJCC facility in China which we expected to be viewed as a positive market event given